Shipping containers are an integral part of global trade, with about 90% of non-bulk cargo transported by sea being moved in standard containers. Shipping containers allow for greater efficiency in cargo transportation by significantly reducing cargo handling and transit times.
Shipping containers come in various standard sizes, like 20 feet (6.1 m), 40 feet (12.2 m), and 45 feet (13.7 m), and allow goods to be stacked and transported easily for domestic as well as international trade via ships, trains, and trucks. The standardization of container sizes enables easy interchangeability between different modes of transportation and results in lower transportation costs. The modular design and corrosion-resistant properties of containers also allow for smooth intermodal transit of goods.
The global shipping container market is estimated to be valued at US$14484.04 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2024 to 2030.
Rapid growth in e-commerce and just-in-time manufacturing practices have created strong demand for containerized cargo shipments. Rising international trade volumes, especially between China, America, and Europe, are a key market driver.
Key Takeaways
Key players operating in the shipping container market are Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, and Nuvera Fuel Cells LLC.
Shipping containers allow for greater efficiency in cargo handling and movement from the origin to the final destination. Stronger trade relations between nations present lucrative opportunities for containerized cargo shipments. Key players are expanding globally by setting up manufacturing plants closer to major ports to improve turnaround times for containers.
Market Drivers
Growing international trade volumes is one of the key drivers for the growth of Shipping Containers Market Growth. The value of global merchandise trade grew from $19.2 trillion in 2014 to $25.2 trillion in 2021, according to the World Trade Organization, and the share of goods transported through containers keeps increasing. Greater trade openness between nations fuels demand for containerized cargo movement.
Market Restrain
Rising oil prices and fluctuating freight rates pose a challenge for containerized cargo shipments. Disruptions due to geopolitical conflicts and pandemic outbreaks negatively impact container availability and turnaround times. Environmental concerns regarding growing container waste are another factor restraining market growth.
Segment Analysis
The shipping container market can be broadly classified into dry containers and refrigerated containers. Dry containers dominate the market as they are suitable for transporting general cargo. They offer versatility and flexibility in terms of usage for different types of goods being transported. Dry containers account for over 70% of the global market share owing to their widespread application in the transportation of goods such as raw materials, machinery, and consumer products across industries. Refrigerated containers are projected to witness high growth during the forecast period, fueled by the increasing trade of perishable items globally. Their ability to maintain desired temperatures, making them suitable for food items and pharmaceuticals, is augmenting their demand.
Global Analysis
On the basis of region, Asia Pacific is expected to dominate the global shipping container market during the forecast period. The large presence of developing economies such as China and India is driving extensive manufacturing activities in the region. In addition, robust growth in the retail and e-commerce sectors is propelling cross-border trade. This is augmenting the demand for shipping containers for the transportation of goods. North America is anticipated to exhibit significant growth and emerge as a major regional market owing to surging exports from the U.S. and trade agreements with neighboring countries. Meanwhile, Europe is predicted to witness steady expansion, supported by the presence of major container ports and a well-developed transportation infrastructure for sea-borne trade within the region.
For More insights, read Global Shipping Container Market
